Israeli API platform RapidAPI announced today that it has completed a $60 million Series C financing round led by Green Bay Ventures with new investor Stripes and existing investors including Andreessen Horowitz, DNS Capital, M12 (Microsoft’s Venture Fund), Viola Growth, and Grove Ventures. This brings the total amount raised by RapidAPI to $122.5 million.
The company was founded in 2015 by CEO Iddo Gino when he was 18. RapidAPI has 110 employees including 50 in Israel and plans to double its workforce over the next year.
The investment follows high-growth year in 2021 amidst a pandemic that drove a record number of developers and companies to the RapidAPI platform to advance their digital initiatives and accelerate the delivery of their software and services to the market.
Driven by the explosion of APIs, federation of API programs, acceleration of cloud initiatives, and the push to microservices, companies have turned to RapidAPI to modernize their infrastructure in order to remain competitive in today’s environment of digital disruption.
The recent fundraise will be used to support the influx of new developers to the platform, the onboarding of leading API providers to the public marketplace, and the expansion of the API platform, including RapidAPI's Enterprise Hub, to serve the rapidly growing enterprise customer base.
Gino said, "As APIs become the building blocks for digital transformation efforts across all industries, we’ve seen a fundamental shift toward API platforms and tools like RapidAPI that are built to handle the realities of today’s complex, multi-cloud, multiservice, and multi-API environments. RapidAPI’s next-generation platform is uniquely built for modern software development, providing a unified experience across the entire development life cycle, allowing millions of developers to connect with thousands of APIs and microservices."
He added, "Over the course of the year, we’ve made significant investments in our platform, adding API testing and API design through the acquisition of Paw in February. The additional funding will enable us to continue to build a flexible API platform with the features and functionality needed to provide developers and organizations with a flexible platform that integrates with an organization’s existing software development environment, making it easier to find, connect to, and manage APIs."
Published by Globes, Israel business news - en.globes.co.il - on April 21, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021